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IFA&#39s concern over Menu

Michael Philips proprietor Michael Both does not welcome the introduction of the menu. He believes the depolarisation proposal itself is flawed and will cause consumers more confusion over whether they are speaking to a tied, independent or partially tied adviser. He thinks the new recommendations will only add to the confusion.

Both says: “If the idea of these menu proposals is to make things clearer for consumers I cannot see how these will make any significant improvement. I don&#39t think the current regime is perfect but do I think this is an improvement &#45 no.

He continues: “My own terms of business have for years included an option for customers to pay by fees, commission or a commission offset and my clients have never felt this was not made clear to them.

“I cannot honestly see how these plans are helping. I will have to show a potential maximum fee would be but then clients are obviously going to want to know what my minimum charge is and why I cannot provide all their services for this price.”


Downing Corporate Finance – Electra Kingsway VCT

Type: Venture capital trust Aim: Growth by investing initially in fixed-interest securities then in unquoted, Ofex and Aim-listed companies Minimum investment: Lump sum £5,000 Opening/closing date: February 10, 2004/April 5, 2004 Charges:Initial 5.5%, annual 1.5 % in year one, 2% in year two, 2.5% thereafter Commission:Initial 2.5%, renewal 0.25% Tel: 020 7411 4700

More marketing bumf for IFAs but it&#39s better quality

IFAs are being bombarded with more marketing material than ever but the quality of the information they get is improving, says research firm Market Watch. The firm says IFAs get an average of 2,094 items of marketing material a year comprising a total of around 20,000 pages. But Market Watch believes providers are respon-ding well […]

Standard slashes equity ratio

Europe&#39s biggest mutual insurer Standard Life has dumped £7.5 bn worth of equities since the start of the year as it moves to meet the requirements of the FSA&#39s new solvency rules. In its 2003 full-year results released last week, Standard says it has now reduced its equity-backing ratio to around 50 per cent, slashed […]

Final Menu rules due second half of year

The FSA plans to publish its final rules in the second half of the year, when it will unveil its policy statement giving feedback on the consultation. The consultation finishes on June 1, after which the FSA will review the responses and amend its draft rules accordingly. As the Menu is key part of the […]


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